ISLAMABAD - Islamabad Chamber of Commerce and Industry (ICCI) on Tuesday called for Rs.10 to Rs.15 per litre reduction in POL prices to pass on the full benefit of reduced oil prices in the international market to the consumers.

Businessmen in a meeting at ICCI have shown resentment over insufficient cut in the prices of POL products despite the fact that price of crude oil in international market has come down to below $35/per litre showing a fall of over 60% from its peak price.

In a press statement issued here, Atif Ikram Sheikh President ICCI said that government has announced a meagre cut of Rs.5 per litre across all categories of POL products which has deprived the people of much awaited relief.

The businessmen also criticized the imposition of fixed sales tax on POL products irrespective of increase/decrease in their prices as this mode would badly hurt business and industrial activities and put unnecessary pressure on the common man, especially in a scenario of falling petroleum prices in the international market.

The government has fixed sales tax of Rs.14.58 per litre on petrol, Rs.29.57 on high speed diesel, Rs.10.40 on kerosene and Rs.9.63 per litre on light diesel oil while earlier the taxes were charged on percentage basis.